A retail chain who was once dominating the industry is now filing for bankruptcy. Sears filed for chapter 11 bankruptcy protection earlier today after it was unable to pay a $134 million debt payment. Since filing for bankruptcy, Sears also announced the additional closing of 46 unprofitable stores.
The Gadsden mall location will be closing by the end of the year. This will only leave one Sears store in Alabama located in Hoover. President Donald Trump says an older generation will be saddened by this news.
The retailer has been in business for 132 years, but has had financial issues since Amazon has took over the market.